You have bought your own house, got the furniture and items you want inside it, and now, you want to protect the house that you have worked so hard for. A home insurance policy usually will depend on how much it would take to replace the entire house and the things inside it which you want to be insured. The policy itself is very specific, and it would normally specify the actual circumstances and events upon which the insurance can be claimed. Special circumstances such as floods and earthquakes could be insured, if you are willing to shoulder further expenses for insurance against these events.